NRHA Board Approves $89.3 Million Budget for FY13

For More Information: 

LaRhesa Christmas lchristmas@nrha.us 757.314.1682

For Immediate Release
Release Date: 
Wed, 06/13/2012

Norfolk Redevelopment and Housing Authority Board of Commissioners today approved an $89.3 million consolidated annual budget. The Authority’s budget was reduced by approximately 7.3% for the second consecutive year, reflecting lower federal funding levels and strict cost management measures.

The budget was “the result of significant deliberations and difficult choices by the board and senior management that better positions NRHA for long-term financial sustainability,” said Board Chairman W. Sheppard Miller III.

“Demand for our programs and services continues to grow while funding declines,” noted NRHA Chief Executive Officer Shurl Montgomery. “If this trend continues we will be forced to shrink services,” he said.

The budget specifies that NRHA will:

• Continue to provide a full range of development and housing programs for Norfolk citizens and neighborhoods;
• Eliminate 23 full-time positions (11 filled, 12 unfilled);
• Provide a 2.4% general pay increase, the first general increase NRHA employees have received in five years;
• Absorb the cost of a state-mandated 5% individual employee contribution to the Virginia Retirement System (VRS) pension program; and
• Use $2.3 million from operating reserve accounts to close funding gaps created by reductions in federal financial support.
NRHA’s FY2013 budget funds programs from July 1, 2012, through June 30, 2013.

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

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